CASH HANDLING & AUDIT. Gord Boisvert

Transcription

1 CASH HANDLING & AUDIT Gord Boisvert 1

2 ABOUT ME MY ACTIVE IS Rock Climbing Hiking Dog Shows Travel 2

3 WHAT WE WILL TALK ABOUT Why bother? Physical infrastructure Best Practices: Cashiering Cash handling Tender Types Procedures Audit Summary 3

4 WHY BOTHER? Organization: Protecting the organization from loss Bad Publicity Department Manager: Protecting yourself CYA Staff: Protecting your staff External threats Internal loss (intentional and unintentional) 4

5 PHYSICAL INFRASTRUCTURE Cameras (staff/customer area) / Locked access to cashier area Physical separation from customers Training on what to do during a robbery Where are the credit/debit card swipes Panic buttons Locked area for storing floats and transfers Secure area for counting How do you control customers prior to start and at end of day 5

6 PHYSICAL INFRASTRUCTURE...CONTINUED Locked cash drawers, keys (# s & location) and individual inserts for each staff Pole displays Receipt printers Check scanning Safe for deposits 6

7 BEST PRACTICES: CASHIERING Every transaction logged to the correct cashier No generic or shared logins Never edit a completed transaction Always print receipt (transactions, cancel, no sale, refund) No sale and cancellation receipts logged at end of day ($0 types) Endorse and validate everything - electronically 7

8 BEST PRACTICES: CASHIERING CONTINUED Checks must have a phone number on them Cash summary sheets with semi blind balance with full audit Spot checks: Floats; Cash on hand (Log these) Supervisor override for Cancellations*, price changes, refunds 8

9 CASH HANDLING Start of day count the float before starting Count the actual coin in rolls Cash limits and what to do with excess money No cash refunds after current day. Refund requests electronically. Cash is always placed on top while making change Count change to the customer (double count) 9

10 CASH HANDLING CONTINUED Over and short always marked at end of day - electronically Every clerk balances out every day and deposits daily Limit the number of people who count the cash as part of the close out. The bank will validate it anyway 10

11 TENDER TYPES Cash (most time consuming and riskiest) Checks Credit / Debit Pin Debit 11

12 PROCEDURES Staff are trained to know about audits and electronic reporting Training for the event of a robbery (cashiers, supervisors, building, etc) Safe Management Only store site cash in safe Limit access Change combination periodically or when staff leave Separation of duties / collusion Regular audits (logged and reported) 12

13 PROCEDURES CONTINUED Minimize movement of cash. Never have 1 person carry the money Look to expedite close out (check tally prior/eliminate count of credit) System outage procedures 13

14 AUDITING Multiple Levels (Supervisors, Department Managers, Auditors) Daily Clerks manage their monies and deposits Weekly Supervisors check. Plus spot checks of cash. Monthly Department managers check Periodically - Auditors Things to look out for: Refunds, Cancels, Voids, No Sale, Regular over/short Cashiering application should export to the GL by deposit. Preferably automated so no one can change anything 14

15 AUDITING CONTINUED Reconcile cashiering to source systems Set period (6 months/yearly) to review procedures Spot inventory counts (if applicable) 15

16 SUMMARY Quick easy changes Low effort/cost Cash limits, spot check float/cash, always print receipt, etc Robbery procedures Environmental / Hardware changes Medium effort/cost Hardware (check scanners, cameras, locked drawers, etc) Physical environment changes (separating staff/customers, locked cashier area) Procedural changes Hard Clerks close each day; limit recounting of cash Electronic check presentment 16

17 LEARN. CONNECT. GROW. CLOSING THOUGHTS 1. Ask us questions 2. Schedule a 1:1 3. Let us know what you think! 17

18 18 THANK YOU!